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[Federal Register Volume 89, Number 246 (Monday, December 23, 2024)]
[Notices]
[Pages 104539-104540]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-30587]

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FEDERAL RESERVE SYSTEM

Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, with revision, 
the Central Bank Survey of Foreign Exchange and Derivatives Market 
Activity (FR 3036; OMB No. 7100-0285).

DATES: Comments must be submitted on or before February 21, 2025.

ADDRESSES: You may submit comments, identified by FR 3036, by any of 
the following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments, including attachments. 
Preferred method.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
     Hand Delivery/Courier: Same as mailing address.
     Other Means: [email protected]. You must include the 
OMB number or the FR number in the subject line of the message.
    Comments received are subject to public disclosure. In general, 
comments received will be made available on the Board's website at 
https://www.federalreserve.gov/apps/proposals/ without change and will 
not be modified to remove personal or business information including 
confidential, contact, or other identifying information. Comments 
should not include any information such as confidential information 
that would be not appropriate for public disclosure. Public comments 
may also be viewed electronically or in person in Room M-4365A, 2001 C 
St. NW, Washington, DC 20551, between 9 a.m. and 5 p.m. during Federal 
business weekdays.

[[Page 104540]]

    Additionally, commenters may send a copy of their comments to the 
Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Room 10235, 725 
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, [email protected], (202) 
452-3884.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to collections of information conducted or 
sponsored by the Board. In exercising this delegated authority, the 
Board is directed to take every reasonable step to solicit comment. In 
determining whether to approve a collection of information, the Board 
will consider all comments received from the public and other agencies.
    During the comment period for this proposal, a copy of the proposed 
PRA OMB submission, including the draft reporting form and 
instructions, supporting statement (which contains more detail about 
the information collection and burden estimates than this notice), and 
other documentation, will be made available on the Board's public 
website at https://www.federalreserve.gov/apps/reportingforms/home/review or may be requested from the agency clearance officer, whose 
name appears above. On the page displayed at the link above, you can 
find the supporting information by referencing the collection 
identifier, FR 3036. Final versions of these documents will be made 
available at https://www.reginfo.gov/public/do/PRAMain, if approved.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board's estimate of the burden of the 
proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, With 
Revision, the Following Information Collection

    Collection title: Central Bank Survey of Foreign Exchange and 
Derivatives Market Activity.
    Collection identifier: FR 3036.
    OMB control number: 7100-0285.
    General description of collection: The FR 3036 is a component of 
the U.S. portion of a global data collection that is conducted by 
central banks once every three years and captures information relating 
to the volume of foreign exchange (FX) transactions. The Bank for 
International Settlements (BIS), of which the Board is a member, 
compiles aggregate national data from each central bank to produce and 
publish global market statistics. More than 50 central banks plan to 
conduct this global data collection (the BIS survey) in 2025 (the 2025 
Survey). Aggregated data from the FR 3036 is compiled and forwarded to 
the BIS, which uses the data to produce and publish these statistics.
    Proposed revisions: The Board proposes to (1) provide clearer 
guidance on what is reportable turnover (explicit exclusion of intra-
dealer trades), (2) add breakdown by currency totals (USD/EUR/JPY) and 
instrument (Forwards and Swaps) for `o/w related party trades' in both 
Foreign Exchange Contracts and Interest Rate Derivatives in Tables A1, 
A2, A4, B1 and B2, and (3) add breakdown by currency totals (USD/EUR/
JPY) for all instruments for `o/w back-to-back trades' in both Foreign 
Exchange Contracts and Interest Rate Derivatives in Tables A1, A2, A4, 
A5, B1 and B2. Proposed revisions to the FR 3036 also include a more 
significant addition in the form of a revised Settlement of FX 
Transactions schedule (Table A7, Settlement of Foreign Exchange 
Transactions) to collect information on FX settlement, including a 
breakdown by counterparty and settlement method. The Board proposes to 
revise the instructions to be more in alignment with the BIS's revamped 
2025 Survey FX settlement guidelines.
    Frequency: Triennially.
    Respondents: Commercial banks, brokers and dealers, and U.S. 
offices of foreign banking offices with dealing operations in the U.S.
    Total estimated number of respondents: 21.
    Estimated average hours per response: Reporting dealers, 66; 
reporting dealers for FX settlements only, 75.
    Total estimated change in burden: 93.
    Total estimated annual burden hours: 1,458.

    Board of Governors of the Federal Reserve System, December 18, 
2024.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-30587 Filed 12-20-24; 8:45 am]
BILLING CODE 6210-01-P
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